March 8, 2023
MANILA -Inflation in the Philippines slowed down after rising for five months straight, settling at 8.6 percent in February 2023 from 8.7 percent in January, according to the Philippine Statistics Authority.
National Statistician Dennis Mapa said the February slowdown was attributed mainly to slower price increases in the transport commodity group, recording a 9-percent inflation rate which was down from 11.1 percent in January.
Among the 12 other commodity groups monitored for the consumer price index, nine reflected faster price increases in February compared to their levels in the previous month
The biggest contributor to rising prices in February were food items, particularly vegetables, fish and meat.
Also major contributors were housing and utilities, particularly electricity, rentals, and cooking gas or LPG as well as transport, particularly fares on public road vehicles and diesel.
According to the PSA, core inflation–excluding selected food and energy items in the headline inflation- rose to 7.8 percent in February from 7.4 percent in the previous month.